Sector Update: Healthcare; Valeant Closes PreCision Dermatology Buy, Oncolytics Completes Patient Enrollment in Phase 2 REOLYSIN Study, Intellipharmaceutics Reports Wider Quarterly Loss

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Healthcare stocks were generally lower in afternoon trading, and the S&P/TSX Healthcare index was down 2.3%.

Valeant Pharmaceuticals (VRX.TO): -2.2%

Oncolytics Biotech (ONC.TO): -4.4%

IntelliPharmaCeutics (I.TO): -11.1%

Tekmira Pharmaceuticals (TKM.TO): -5.9%

Catamaran (CCT.TO): -1.6%

In corporate news, Valeant Pharmaceuticals has completed the acquisition of PreCision Dermatology, Inc., which develops and markets dermatology products with products such as Locoid, Hylatopic, and Clindagel.

Meanwhile, Oncolytics Biotech said Tuesday that it has completed patient enrollment in a two-arm randomized phase II study of carboplatin, paclitaxel plus REOLYSIN versus carboplatin and paclitaxel alone in the first line treatment of patients with recurrent or metastatic pancreatic cancer (OSU-10045). The trial, an open-label, multi-institution, two-arm phase II randomized study of patients with metastatic pancreatic cancer, is sponsored by the U.S. National Cancer Institute ( NCI ) through a clinical trials agreement between the Cancer Therapy Evaluation Program, Division of Cancer Treatment and Diagnosis and ONCY. ONCy is providing clinical supplies of REOLYSIN for the study. The primary objective of the trial is to assess improvement in progression-free survival with REOLYSIN, carboplatin and paclitaxel relative to carboplatin and paclitaxel alone in patients with metastatic pancreatic cancer. The primary endpoint is progression free survival in both arms. Secondary endpoints include overall response rate and overall survival. The study enrolled 70 evaluable patients at test centers across the United States.

Finally, Intellipharmaceutics reported a net loss for the three months ended May 31, 2014 of $3.1 million, or $0.14 per common share, compared with a net loss of $1.8 million, or $0.09 per common share for the three months ended May 31, 2013. The wider loss was attributed to higher research and development, selling, and general and administrative expenses. Revenue related to the company's license and commercialization agreement with Par Pharmaceutical, Inc. in the three months ended May 31, 2014 was $1.5 million versus $0 in the three months ended May 31, 2013. The revenue derived principally from commercial sales of its first product, 15 and 30 mg strengths of dexmethylphenidate hydrochloride extended-release capsules.



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Referenced Stocks: NCI

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